To repeal certain tax subsidies enacted by the Energy Policy Act of 2005 for oil and gas, to allow a credit against income tax for farm diesel expenses, and to allow a credit to farmers who produce biodiesel and agri-biodiesel.
Family Farm Energy Relief Act of 2006 - Repeals provisions of the Energy Policy Act of 2005 relating to: (1) the expensing of equipment used in refining of liquid fuels and accelerated depreciation of natural gas distribution and gathering lines; (2) the pass through of tax deductions for environmental compliance costs; (3) the small refiner exception to limitations on the oil depletion tax deduction; and (4) the two-year amortization of geological and geophysical expenditures.
Amends the Internal Revenue Code to allow certain farmers actively engaged in farming: (1) a tax credit for 10% of farm diesel fuel expenses through 2009; (2) an increased agri-biodiesel producer tax credit; and (3) a small biodiesel producer tax credit.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1553-1554)
Referred to the House Committee on Ways and Means.
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